Check out the highlights (and lowlights) from a massive season of shareholder action!

ANZ doesn’t intend to increase coal exposure

19 December 2017

ANZ reiterated last year’s comments that the bank’s exposure to coal is trending down and will continue that trend into the future.

While ANZ and auditors confirmed climate change is a material risk, the bank was questioned over its loans to Cooper Energy, Boral Limited and Beach Energy, which don’t classify climate as a material business risk.

Shareholders also pointed out further inconsistencies between ANZ’s climate statements and continued support for fossil fuels, including lending to India’s Rural Electrification Corporation, whose main business activity is disbursing loans to coal-fired power projects, most of which breach ANZ’s own carbon emissions limit.

Westpac rules out finance for Adani’s Abbot Point coal terminal

8 December 2017

When asked about potentially refinancing the Abbot point coal terminal, Chairman Lindsey Maxwell said he couldn’t comment on individual customers but that the bank’s lending is in line with its climate position. Westpac’s position takes into account the whole supply chain which would incorporate any infrastructure such as the terminal.

The board was forced to defend the bank’s lending to Whitehaven Coal, Cooper Energy, Senex and Oil Search, whose actions and climate risk disclosures are out of line with Westpac’s own commitment to operate in line with 2 degrees.

Just a few days later another oil and gas explorer, Central Petroleum, said it did not know what the TCFD is, and that the company was too small assess their future activities. Hardly convincing for shareholders concerned about Central’s ability to survive the transition to a low carbon economy.

Commbank getting out of coal

15 November 2017

Chair Catherine Livingstone indicated the bank intends to get out of the coal industry: the bank’s coal funding has been ‘trending down for some time. We expect that trend to continue over time as we help finance the transition to a low carbon economy.’

Also confirmed that while they ‘don’t normally comment on individual clients….we will not provide funding to the Adani Carmichael mine.’

Medibank to divest for health

13 November 2017

Australia’s biggest health insurer today announced it will divest from fossil fuels due to the negative health impacts of climate change.

Medibank committed to reduce exposure to fossil fuels by firstly moving their international share portfolio to a low carbon index within the next 12 months, and looking to do the same in Australia soon after.

Karoon Gas think setting GHG reduction targets would be meaningless

9 November 2017

Chairman David Klingner expressed the company’s belief that setting targets in terms of Karoon’s greenhouse gas emissions would be meaningless.

In defending the company’s decision to remunerate executives on the basis of expanding reserves, Klingner said “That’s what we do.We are an oil and gas explorer.” Clearly the company has no plans of shifting its business model to align with the Pars climate goals.

Boral: “Climate risk not material”

2 November 2017

As one of Australia’s biggest building materials companies, Boral is a major energy user and greenhouse gas emitter. The company is exposed to climate change transition risks, like potential carbon pricing, and physical risks, as evidenced by big losses due to hurricanes in the US.

But despite this massive exposure, Boral admitted at their AGM that they didn’t consider climate change as a material business risk in its FY2017 financial reporting.

The company also failed to rule out helping Adani deliver on its Carmichael mega coal mine plans.

IAG: Federal Government is deaf to climate change concerns

20 October 2017

IAG admitted they haven’t been able to get their message through to the federal government to bring about sane climate mitigation and adaptation policy

The company acknowledged the increasing cost of natural disasters, particularly Tropical Cyclone Debbie, and the need for spending on climate change adaptation. That probably not a bad idea seeing as IAG have paid out more on natural disasters than provisioned in ten of the last eleven years

Two other resolutions, also coordinated by Market Forces, requesting the company produce a transition plan and measure fugitive methane emissions, received 3.42% and 4.83% support respectively

When asked why Origin pays more to attend political functions than its peers, chair Gordon Cairns said the sate of Australia’s energy policy was largely to Origin’s influence. He thinks helping bring about the that the train wreck that is our national energy policy was “money well spent”